The Tax Law Rewrite Acts (Amendment) Order 2013
| Jurisdiction | UK Non-devolved |
| Citation | SI 2013/463 |
| Year | 2013 |
2013 No. 463
Capital Gains Tax
Corporation Tax
Income Tax
Inheritance Tax
The Tax Law Rewrite Acts (Amendment) Order 2013
Made 4th March 2013
Laid before the House of Commons 5th March 2013
Coming into force 1st April 2013
The Treasury make the following Order in exercise of the powers conferred by sections 1178 and 1179 of the Corporation Tax Act 20101and by section 375 of the Taxation (International and Other Provisions) Act 20102.
Citation, commencement and effect
1.—(1) This Order may be cited as the Tax Law Rewrite Acts (Amendment) Order 2013.
(2) This Order comes into force on 1st April 2013.
(3) The amendments made by articles 11 and 12 have effect for accounting periods beginning on or after that date.
2.—(1) In the definition of “local authority” in section 272 of the Inheritance Tax Act 19843(general interpretation), for “section 842A of the Taxes Act 19884” substitute “section 1130 of the Corporation Tax Act 2010”.
(2) In consequence of the amendment made by paragraph (1), omit paragraph 4 of Schedule 18 to the Finance Act 19905.
Local Government Finance Act 1988
3. In section 45A(3)(a) of the Local Government Finance Act 19886(unoccupied hereditaments: zero-rating), for “Schedule 18 to the Finance Act 20027” substitute “Chapter 9 of Part 13 of the Corporation Tax Act 2010”.
Taxation of the Chargeable Gains Act 1992
4. The Taxation of Chargeable Gains Act 19928is amended as follows.
5. In section 140C(5) (transfer or division of non-UK business) for “section 815A of the Taxes Act” substitute “section 122 of TIOPA 2010 (tax treated as chargeable in respect of gains on transfer of non-UK business)”.
6. In section 140F(4) (merger: assets outside UK tax charge) for “section 815A of the Taxes Act (transfer of a non-UK trade)” substitute “section 122 of TIOPA 2010 (tax treated as chargeable in respect of gains on transfer of non-UK business)”.
7.—(1) Section 227B of the Finance Act 19949(transfer of underwriting business without change of ownership) is amended as follows.
(2) In subsection (2)—
(a)
(a) for “Section 343 of the Taxes Act 1988 (company reconstructions without a change of ownership)” substitute “Chapter 1 of Part 22 of the Corporation Tax Act 2010 (transfers of trade without a change of ownership)”,
(b)
(b) in paragraph (a), for “the trade mentioned in that section” substitute “the transferred trade referred to in that Chapter10”, and
(c)
(c) in paragraph (c), for “subsections (8) to (10) and (12)” substitute “sections 951 and 952”.
Income Tax (Trading and Other Income) Act 2005
8. In section 415(5) of the Income Tax (Trading and Other Income) Act 200511(charge to tax under Chapter 6), for “as if they were in section 419 of ICTA” substitute “as they have for the purposes of section 455 of CTA 2010”.
The Corporation Tax Act 2010 is amended as follows.
9. The Corporation Tax Act 2010 is amended as follows.
10. In section 144(2) (condition 1: claimant company owned by consortium), for “total profits” (in both places) substitute “available total profits”12.
11. In section 148 (conditions 1 and 2: surrendering company in group of companies), for subsections (3) and (4) substitute—
“3 In the case of the claim (“the current claim”) the surrendering company’s surrenderable amounts13for the surrender period are to be treated as reduced (but not below nil) by the group’s potential relief14.”
12. In section 149 (conditions 1 and 3: claimant company in group of companies), for subsections (3) and (4) substitute—
“3 In the case of the claim (“the current claim”) the claimant company’s available total profits of the claim period are to be treated as reduced (but not below nil) by the group’s potential relief15.”
Desmond Swayne
Mark Lancaster
Two of the Lords Commissioners of Her Majesty’s Treasury
4th March 2013
EXPLANATORY NOTE
(This note is not part of the Order)
This Order exercises the powers conferred by the Corporation Tax Act 2010 (c. 4)(“CTA 2010”) and the Taxation (International and Other Provisions) Act 2010 (c. 8)(“TIOPA 2010”) to make consequential amendments and undo unintended changes resulting from the work of the Tax Law Re-write project.
Articles 2 to 8 make consequential amendments to update references to provisions which were rewritten in CTA 2010 or TIOPA 2010. The Acts affected are the Inheritance Tax Act 1984 (c. 51)and the Finance Act 1990 (c. 29)(article 2), the Local Government Finance Act 1988 (c. 41)(article 3), the Taxation of Chargeable Gains Act 1992 (c. 12)(articles 5 and 6), the Finance Act 1994 (c. 9)(article 7), and the Income Tax (Trading and Other Income) Act...
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